Hashflow partners with Wormhole for cheaper cross-chain crypto swaps

Decentralized exchange (DEX) platform Hashflow has partnered with Wormhole, a crypto bridge service, to enable users to swap crypto tokens across several blockchain networks, according to an announcement issued on Wednesday.

Crypto bridges are protocols used to send tokens from one blockchain network to another. Hashflow says its partnership with Wormhole will make native cross-chain crypto swaps cheaper for users. The DEX platform currently supports swaps across six Layer 1 and Layer 2 chains. These include Ethereum, Avalanche, Optimism, and Arbitrum. Hashflow’s supported networks are expected to increase followings the Wormhole partnership, as the latter supports cross-chain swaps across 19 networks.

Hashflow says its DEX model offers many advantages including interoperability, zero slippage, and MEV-exploit protection. “We want to build products that users love and enable them to seamlessly trade any asset across any chain without complexity or extra steps,” said Hashflow CEO Varun Kumar, adding, “We’re excited to leverage Wormhole’s message passing protocol to make this dream a reality.”

Hashflow raised $25 million in a Series A funding round in July to create structured products before the end of the year.

The DEX platform has processed $10 billion in trade volume since its launch in August 2021. These transactions have so far been bridgeless. Bridge platforms, including Wormhole, have suffered numerous security incidents in the last two years. Wormhole saw $323 million in ether stolen from its bridge protocol in February.